COB 487 Exam 1 (with Complete Solutions) 2024.

Romantic view of leadership correct answers assumption that the leader is the key force in determining success or failure in an organization -Stock price and overall public faith in the company will be directly affected by the leader's presents and involvement in the firm External control view of leadership correct answers assumption that external forces have the primary influence over a firms success -Economic downturns, new technologies, legislation, and outbreaks of war can most affect a firm in this case -The most successful leaders/executives tend to be able to navigate these challenges Strategic management correct answers the study of why firms outperform other firms the analysis, decisions, and actions an organization takes in order to create and sustain competitive advantages (these processes are interdependent and are not in sequential order) Analyses correct answers determining strategic goals (vision, mission, and strategic objectives) along with the analysis of external environments affecting the firm. Decisions correct answers selecting which industries to compete in and how to best compete in those industries Actions correct answers The successful implementation of decisions and strategic goals Operational effectiveness (can not achieve competitive advantage with just this) correct answers performing similar activities better than rivals -Most common forms innovated in the past decades include total quality, just-in-time, benchmarking, business process reengineering, and outsourcing Creating competitive advantages correct answers preforming different activities from rivals or performing similar activities in different ways Key attributes of Strategic management: correct answers -Directs the organization toward overall goals and objectives (not just one area of the organization, something that helps operations should not conflict with marketing goals) -Includes multiple stakeholders in decision making (consider owners, employees, customers, suppliers and greater community) -Incorporates short-term and long-term perspectives -Recognizes trade-offs between efficiency (performing at a low cost and timely manner) and effectiveness (making the best decisions for seizing a businesses opportunities) ambidexterity correct answers aligning resources to take advantage of existing product markets and proactively explore new opportunities